Harvia Oyj (HARVIA.HE) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-35.3%

€25.43

vs €39.30 price

Levered DCF

€21.71

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

5.15

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	30.43×	32.96×	21.63×	12.19×	32.61×	29.52×	20.49×	13.73×
P/B	6.2×	6.52×	4.7×	3.39×	13.6×	6.89×	2.84×	1.43×
P/S	4.03×	4.57×	3.36×	1.91×	6.12×	4.2×	2.64×	1.52×
EV / EBITDA	18.56×	20.3×	14.09×	8.32×	21.82×	19.07×	14.04×	10.82×
Gross margin	64.2%	64.3%	62.7%	59.3%	60.9%	61.5%	60.3%	58.3%
Operating margin	19.3%	20.3%	21.9%	20.1%	26.0%	20.5%	18.0%	15.1%
Net margin	13.3%	13.8%	15.5%	15.7%	18.8%	14.2%	13.0%	10.9%
Current ratio	3.65×	4.05×	3.99×	3.51×	2.54×	2.8×	3.07×	2.94×
Debt / equity	0.8×	0.84×	0.73×	0.82×	0.74×	0.89×	0.57×	0.59×
Interest coverage	6.74×	8.32×	9.74×	16.99×	17.93×	8.91×	8.79×	3.45×
Dividend yield	1.7%	1.6%	2.4%	3.4%	0.9%	1.6%	3.5%	3.6%
Payout ratio	53.0%	52.4%	51.4%	41.4%	28.3%	45.9%	72.1%	49.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	20.4%	19.7%	21.6%	27.8%	41.8%	23.3%	13.9%	10.3%
Return on invested capital	12.8%	11.4%	13.7%	14.2%	21.1%	12.2%	9.7%	9.1%
Return on assets	9.7%	9.2%	10.9%	13.0%	16.7%	9.3%	7.9%	5.8%
Free cash flow yield	2.5%	3.2%	7.1%	6.3%	0.9%	5.6%	6.8%	7.7%
Earnings yield	3.3%	3.0%	4.6%	8.2%	3.1%	3.4%	4.9%	7.2%
Enterprise value	€859.4M	€858M	€542.9M	€384.6M	€1.1B	€489.8M	€223.7M	€124.2M
Net debt / EBITDA	1.25×	1.35×	0.98×	1.18×	0.84×	1.24×	1.78×	2.64×
Cash conversion cycle (days)	242	257	214	232	256	155	178	209